On revocation of insurance licence

By its Order No. OD-1763, dated 23 July 2015, the Bank of Russia revoked an insurance licence from Insurance Company MAXIMUM, limited liability company (registration number in the unified state register of insurance agents is 3975).

The decision is taken due to the failure to eliminate the following violations of insurance legislation within the prescribed timeframe, which served as a ground for the suspension of the insurance licence (Bank of Russia Order No. OD-956, dated 29 April 2015, ‘On Suspending Insurance Licence of Insurance Company MAXIMUM, limited liability company’): noncompliance with the requirements to financial sustainability and solvency with respect to creating insurance reserves, procedure and conditions of investing equity capital and insurance reserves. The decision becomes effective from the day it is published in the Bank of Russia Bulletin.

Due to the revocation of the licence, Insurance Company MAXIMUM, limited liability company, is obliged:

to take a decision on the termination of insurance activity in accordance with legislation of the Russian Federation;

to meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insured events;

to transfer liabilities under insurance (reinsurance) contracts, and/or cancel these contracts.

Insurance Company MAXIMUM, limited liability company, shall inform insured persons on the revocation of its licence, early termination of insurance contracts and/or transfer of liabilities under insurance (reinsurance) contracts to another insurer within a month after the decision on the revocation of the licence becomes effective.

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23.07.2015 00.00.00